Econ 101 Final book assignment

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Answer sheet

Assignment 5 Answer Sheet
Graph the demand for hotel rooms . Fill in the chart : (12 pts)
Pe _______
Qe_______
Change in demand _____________
Change in Quantity Demanded __________
Change in Supply________________
Change in Quantity Supplied_______________

2.
Use fixed costs and Variable costs to explain why a business would stay open if it is operating at a loss. ( 4 points)
Explain if the decision is short-run or long run? Make sure you use the textbook and class notes to answer these questions explaining the rules of maximizing profits and minimizing losses. (4pts)

3. Graph 1
A. Name of Market Structure (3 points)
b. Ability to control prices. (3 points)
c. Spending on advertising and marketing (3 points)
d. Pure profit, Normal profit or losses. (3 points)

4 Explain why the airlines can price discriminate and Under Armour can’t. (5 pts)

5. Graph 2
A. Name of Market Structure? (3 points)
b. Ability to control prices. (3 points)
c. Spending on advertising and marketing (3 points)
d. Pure profit, Normal profit or losses. (3 points)

6 A . The shut down point is at Q? ____________( 4 points)
B.The break even point is at p?____________( 4 points)

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7.
Indicate whether the inputs below are Variable (V) or Fixed (F) in the short run (12pts)

Input Output Fixed Variable
ovens In restaurants
fuel In buses
Chairs In Nail salons
Insurance for Rental housing
Occupancy permit In buildings
lease In factory

8.
Amazon lowered the prices of books below cost. This forced many book stores like Barnes and Noble and The Booksmith to go out of business. The ECONOMIC term for what they did is __________________________________________.(4 pts)

9.
a. The chicken companies are engaging in what type of economic behavior? ( Characteristic of this market structure. )(4 pts)
b. This behavior is characteristic of what market structure? Draw the graph for this market structure or describe it.
(Put your answer on the answer sheet ) ( 8 pts)

10.
A. What is Al’s total revenue? 3 pts)
B. What are Al’s explicit costs? In numbers (3 pts)
C. What is his accounting profit? In Numbers (3 pts)
D. List 2( in numbers ) implicit costs that Al has not included. (3 pts)
E. What is Al’s pure economic profit (loss)in numbers?( 3 pts)

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